form 3800 credit limitation
I HAVE A EMPOWERMENT ZONE CREDIT OF $ 23,000 FROM A K-I. FORM 3800 IS LIMITING THIS CREDIT TO 25 % OF THE TAX...THIS SEEMS REMARKABLE STUPID....IS THIS CORRECT?
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Dorfmanruttllp
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ProAdvisor
Members of the QuickBooks ProAdvisor Program
03/22/09 2:13pm PDT
Viewed by asker 03/22/09 2:42pm PDT
Viewed by asker 03/22/09 2:42pm PDT
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rwl
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ProAdvisor
Members of the QuickBooks ProAdvisor Program
03/22/09 2:41pm PDT
The best thing to do is print out the Form 3800 along with instructions and compare the worksheets with the Lacerte calculations.
01/24/12 7:53pm PST
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So far, all of my clients that should have had roll forwards of their 3800 business tax credits, have all lost them in the transfer process to the new 3800 form format.
Perhaps this new format is part of your credit limitation problem.
I've had to manually input all of my General Business Credit carryovers which showed up on my 2010 General Information page showing the Federal carryovers to 2011 and I've only looked at a few of my clients.
The 8846 credit carryovers were not lost, only the General Business Credits.
Anyone else experiencing this problem?
